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Higher Interest Rates May Be Good News for Buyers

There’s more to buying a house in Louisville than locking in a low interest rate.

by Mike Hall

Soaring upwarding

Homebuyers: Rates may be on the upward swing but there are plenty of opportunities for you!

During a frenzied market, buyers often found themselves in bidding wars, skipping home inspections, or spending big bucks on pre-offer home inspections.

All those situations could and did lead to an expensive process for home buyers and possibly a little burnout too. What many people forget – there’s more to buying a home than the interest rate.

Higher rates can balance out the market and somewhat level the playing field for buyers. There should be less competition, a slower increase in the price of homes, and possibly more inventory. Also, sellers will be more willing to accept non-traditional loans and more contingencies.

If you are in the market to buy a home, whether you’re facing increasing rent, needing a larger home, or other household changes, there are ways to navigate a higher interest rate:

  1. Be open to another location
  2. Tweak your monthly budget
  3. Search a wider circle
  4. Revisit properties that linger on the market
  5. Look for new construction...
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